Author: Marketforces Africa

The equities market index climbed as sustained buying interest on major stocks caused investors combined wealth to increase by more than N331 billion

Dangote Cement Seeks to Raise N50bn from Debt Market Dangote Cement Plc seeks to raise about N50 billion from the local debt capital market to support its working capital demand. The cement is in the market to raise the amount by offering series 17 & 18 commercial paper under its N300 billion issuance programme. Breakdown shows that Dangote seeks to raise 180-day commercial paper under Series 17 at a discount rate of 24.9886%. This translates to a 28.5001% implied yield for investors. Its Series 18 commercial paper has 270-day tenor at a discount rate of 24.5521%, with a 30% implied…

Shell to Boost Output by 110,000bps with Investment in Bonga North Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell UK plc, has announced a final investment decision (FID) on Bonga North, a deep-water project off the coast of Nigeria. The project to harness more than 300 million barrels of oil reserves will add an additional 110,000 barrels per day (bpd) to Nigeria’s daily oil output when completed. Zoë Yujnovich, Shell UK’s Integrated Gas and Upstream Director, disclosed this in a statement made available to newsmen on Monday. According to Yujnovich, Bonga North will be a subsea…

Investors Intraday Bets on Oando, Aradel Boost Equities Market Oil and gas stocks have continued to gain investors’ attention, with Aradel Holdings and Oando Energy driving the momentum. In support, some banking names are also pushing higher during intraday sessions on the Nigerian Exchange. Bargain hunting has heated up the All-Share index due to improved investors’ sentiment in the local bourse. At midday, the NGX All Share Index witnessed a positive trajectory, displaying a gain of 0.67%, Alpha Morgan Capital Limited told investors in an emailed note. Stockbrokers attributed the bullish trend to the buying interest of investors in some…

Oil Prices Retreat over Demand Uncertainties Oil prices decline amidst expectations of a lower global demand outlook and supply glut predictions. While the Middle East tensions persist, China and the U.S. demand outlook remain bleak due to weak economic data. The market also expects the U.S. Fed rate cut to impact global commodities. The supply-side risk was heightened on the back of the European Union’s latest sanctions on Russia. Anticipated U.S. Fed rate could ease energy cost pressures, but the president-elect plan to increase tariffs on other major economies has also been projected to trigger reprisal backlashes. The Organisation of…

MTN Nigeria Records Fresh Rally after Working Capital Raise MTN Nigeria Plc (Ticker: MTNN) attracted investors’ attention again after the company announced it successfully raised working capital from the debt capital market via commercial paper offers. In the equities market, the telecom company’s share price rose to N176 on Friday, pricing the stock at about a 45% discount to its 52-week high on the Nigerian Exchange. In the last seven trading sessions, the telecom stock shows potential to rise again, having gained 3.5% week on week after staying down for a long while. Value hunters began to pay attention to…

The Central Bank of Nigeria (CBN) raised N2.087 trillion from OMO and Treasury bills at the primary market auctions last week.

The short-term benchmark interest rates increased by about 5% apiece in the money market on the back of a huge liquidity deficit in the banking system.

Dual-listed company, Seplat Energy Plc, traded flat in the equities segment of the Nigerian Exchange (NGX) last week

Oil, Gas Index Rises as Demand for OANDO, ARADEL, CONOIL Surge Oil and gas index boosted Nigerian Exchange All Share Index performance as investors continued to increase their positions and optimise portfolio returns. Oando Energy Plc gained 9.54% last week as investors re-entered positions in the oil stocks. Aradel Holdings Plc surged by 18.3% week on week for a similar reason. Conoil saw about 34% price uptick over sustained demand from value hunters in the local bourse. According to market information, the oil and gas index emerged as the star performer last week in the equities market, posting a robust…